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Tuesday, November 07, 2006

Tejas networks raises $20 mn in new equity funding

Tejas Networks, a next-generation optical networking products firm, today said it has raised $ 20 million in new equity funding to fuel the company's growth in global markets and invest in research and development.

The funding was led by Sandstone Capital, an India-focussed fund based in Boston, USA, Tejas Networks Co-Founder and CEO Sanjay Nayak, told reporters here.

Existing investors Gururaj Deshpande, Battery Ventures and Intel Capital also participated in the round, along with a new co-investor, Sun Technologies, he said.

The company would use the proceeds of the financing to expand its international business and invest aggressively in R and D for developing new "packet-aware" optical products.

Tejas, which has customers in the telecom sector, would also increase its headcount to 400 persons next year from 300 now, Nayak said.

The company is eyeing Rs 250 crore in revenues this fiscal, up from Rs 130 crore during 2005-06, he said.